The Finance Secretary (ISO: Vitta Saciv) is the administrative head of the Ministry of Finance. This post is held by senior IAS officer of the rank of Secretary to Government of India.
Under Section 22, of Reserve Bank of India Act, 1934, Finance Secretary signs the 1-rupee note.
As a Secretary to Government of India, the Finance Secretary ranks 23rd on Indian Order of Precedence.
Powers, responsibilities and postings Finance Secretary is the administrative head of the Ministry of Finance, and is the principal adviser to the Finance Minister on all matters of policy and administration within the Finance Ministry. The senior most Secretary among the five Secretaries of the five Departments of the Ministry of Finance, viz. Economic Affairs, Expenditure, Financial Services, Revenue and Investment & Public Assets Management of Ministry of Finance, is designated as Finance Secretary.
The role of Finance Secretary is as follows: To act as the administrative head of the Ministry of Finance. The responsibility in this regard is complete and undivided. To act as the chief adviser to the Finance Minister on all aspects of policy and administrative affairs. To represent the Ministry of Finance before the Public Accounts Committee of the Parliament of India. To act as the first among equals among secretaries in the Ministry of Finance.
Emolument, accommodation and perquisites The Finance Secretary is eligible for a Diplomatic passport. The official earmarked residence of the Union Finance Secretary is 5, New Moti Bagh, New Delhi, a Type-VIII bungalow.
As the Finance Secretary is of the rank of Secretary to Government of India, his/her salary is equivalent to Chief Secretaries of State Governments and to Vice Chief of Army Staff/Commanders, in the rank of Lieutenant General and equivalent ranks in Indian Armed Forces. +Finance Secretary monthly pay and allowancesBase Salary as per 7th Pay Commission (Per month)Pay Matrix LevelSourcesPay Level 17
List of former finance secretaries # Name Period Notes / Ref(s)1 K.R.K Menon 1947 – 1954 2 K. G. Ambegaonkar 1954 – 1955 Later served as the Governor of the Reserve Bank of India in 1957. 3 Hirubhai M. Patel 1955 – 1958 4 A. K. Roy 1958 – 1960 5 S. Bhoothalingam 1960 – 1964 6 Lakshmi Kant Jha 1964 – 1966 Later served as the Governor of the Reserve Bank of India from 1967 to 1970 7 Sarukkai Jagannathan 1967 – 1968 Later served as the Governor of the Reserve Bank of India from 1970 to 1975 8 B D Pande 1969 – 1972 Later served as the Cabinet Secretary, Government of India from 1972 to 1977 and as Governor of Punjab from 1983 to 1984. 9 M.R. Yardi 1972 – 1974 -10N. C. Sen Gupta1975Later served as the Governor of the Reserve Bank of India from May to August, 1975 11Montek Singh Ahluwalia 1993 – 1998 A Key Figure In India’s Economic Reforms From The Early 1980s Onwards, He Has Held Several Important Positions Including Special Secretary to the Prime Minister of India (1988–90); Commerce Secretary (1990–91); Secretary, Department of Economic Affairs, Ministry of Finance (1991–93). Later Served As The Deputy Chairman Of The Planning Commission, Government Of India From 2004 to 2014. 12Vijay Laxman Kelkar1998 – 1999 Renowned Indian Economist And Academic 13Ashok Lavasa2016 – 2017 Later EC, Election Commission of India and then VP, Asian Development Bank 14Hasmukh Adhia2017 – 2018 Later Chairman, Bank of Baroda 15Ajay Narayan Jha 2018 – February 2019 Later Member, Fifteenth Finance Commission, Sixteenth Finance Commission 16Subhash Chandra GargMarch 2019 – July 2019 Served as Secretary (EA) from 2017 and designated Finance Secretary in March 2019. 17Rajiv Kumar August 2019 – 29 February 2020 Later served as Election Commissioner and then Chief Election Commissioner of India 18Dr. Ajay Bhushan Pandey to Later Chairman National Financial Reporting Authority 19Dr. T. V. Somanathan to Later Cabinet Secretary of India20Tuhin Kanta Pandey to Later Chairman Securities and Exchange Board of India21Ajay SethMarch 24, 2025 - June 30, 2025Later Chairman Insurance Regulatory and Development Authority
See also Cabinet Secretary of India Secretary of the Research and Analysis Wing Home Secretary of India Foreign Secretary of India Defence Secretary of India
References
External links Finance Ministry, Official website